Vallianz bags US$210m worth of contracts, bringing order book to record US$1.2b

SINGAPORE - Offshore support vessel owner Vallianz Holdings said on Monday (May 16) that it has secured new charter contracts worth up to US$210 million (S$288 million), bringing its order book to a record-high US$1.2 billion.

The Singapore-listed group has clinched long-term charter contracts for the supply of 13 offshore support vessels to a national oil company in the Middle East for a period of up to seven years from the second half of 2016.

The order book comprises mainly long-term charters that stretch up to 2025, Vallianz added.

Said CEO Ling Yong Wah: "With the addition of these new charter contracts in the Middle East, we have further strengthened our order book and improved the group's future revenue visibility.

"Vallianz will continue to reinforce our superior market position in the Middle East where offshore oil and gas projects remain active. We are presently bidding for charter contracts with a combined value of US$1.5 billion, mainly for projects located in the Middle East."

Vallianz said it expects the new contracts to begin contributing to its financial performance from the second half of its current financial year ending Dec 31.